Learn More About Products Available to You
Every story of home buying is unique, so we offer a variety of loans to meet our clients’ needs. We specialize in Conventional, FHA, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages.
Below are just a few of the programs we offer. To learn more about other programs and the right one works best for you, give us a call today!
HARP: The Final Countdown to Savings
Really, this time the government means it! The Home Affordable Refinance Program® (better known as HARP) will now end Sept. 30, 2017. It had been scheduled to expire, along with all the flashing Internet ads harping on its attractiveness at year end. The program has already earned a number of extensions, but it will be replaced—for real this time—on Oct. 1, 2017, by a new and permanent refinancing program. Why Should You Care? If you are among the more than 300,000 homeowners who still qualify for HARP refinancing, you could be paying more for your home’s current mortgage then you need to. Interest rates are much lower today than when HARP-eligible mortgages were made. So, refinancing under HARP typically results in a lower monthly payment depending on the term of the new mortgage. The program is also very understanding of any changes that may have occurred in your financial circumstances since your mortgage was made. For instance, if your household salary has declined since you took out your current mortgage, your credit rating has dropped, or you’ve had a bankruptcy, refinancing under HARP is still an option that could lower your monthly payments, making it easier to stay in your home. The terms of the loan can also be changed to your advantage. If you are currently in an adjustable-rate product, you can take advantage of today’s low rates to lock into a fixed-rate mortgage before interest rates rise again. You also have the option of changing the maturity of your loan from 30 years to 15 years so you may be able to pay off your home sooner. You can also choose to lengthen the loan, if lower monthly payments would be of benefit in the near term. Another advantage to refinancing under HARP is that there is no penalty for having low home equity. You can still refinance without triggering the added expense of Private Mortgage Insurance (PMI). Sound Too Good to Be True? The HARP program is both good for homeowners and true. Better yet, since the program was introduced, it has become easier to qualify for HARP. Even if you looked into HARP several years ago, it pays to check your qualifications again. Qualifying Essentials Here are the basic requirements for qualification under HARP: You have a conventional mortgage that closed prior to May 29, 2009. Your mortgage is held by Fannie Mae or Freddie Mac. The mortgage is on your primary residence, vacation home or an investment property. The value of your home has declined and your loan-to-market value is greater than 80 percent. You haven’t had more than one late payment in the last 12 months, and no late payments in the last six months. Your Loan Officer can verify whether or not you qualify and also run comparison numbers to help determine what your savings will be over the life of a new HARP mortgage. They can also make sure there aren’t any other programs available that may be even more beneficial given your current circumstances. If you’re like most people, you bought your home to realize a dream and to build equity in something that is your own. If homeownership hasn’t quite delivered on your expectations so far, HARP may help you get that dream back on track.
15 YEAR FIXED RATE MORTGAGES
Just like the 30 Year Fixed Rate Mortgage, this program offers you the security of predictability in your payments, an interest rate and payment that won't ever change but with the added bonus of paying off your loan in half the time of a 30 Year Fixed Rate Loan. This program is ideal if you want your home paid off before paying for college tuition or maybe you're thinking of an early retirement. The 15 Year Fixed Rate Mortgage helps you build equity more quickly than if you choose a 30 Year Fixed Rate Loan. Just think of all the interest you will save!
We value, appreciate and honor our servicemen and women that sacrifice tremendously for our country. With no down payment and no monthly mortgage insurance premiums, veterans and military personnel may secure a home purchase loan with a government insured VA Mortgage. Just some of the VA Home Loan Benefits include negotiable interest rates, adjustable & fixed rate mortgage options, no down payment required, no monthly mortgage insurance premiums, and VA assistance to borrowers due to financial difficulty.
HOME IMPROVEMENT LOANS
Want to add value to your home but don't have the cash to do so? Many construction projects require up-front cash for labor and materials. If you want to make substantial improvements on your home, such as remodeling the kitchen or adding a pool, home improvement financing is much needed. With a home improvement loan from New American Funding, your mortgage balance can exceed the home’s purchase price or current appraised value. This allows you to pull out extra cash to pay for the renovations.
INTEREST ONLY MORTGAGES
An Interest Only Mortgage helps you take more control over your loan payments each month. Generally, Interest Only Loans are beneficial if one of the following applies to you: *Your income relies heavily on bonuses or commission checks that come infrequently during the year *You want to borrow money to purchase a home but you expect to sell your home or refinance prior to the interest-only period ending *You are looking for a first time mortgage and expect to earn significantly more income in the next few years *You plan to invest your savings from interest-only rates by investing into something that would bring a higher rate of return
30 YEAR FIXED RATE MORTGAGES
With the security of a fixed monthly payment and an interest rate that will NEVER increase, the 30 Year Fixed Rate Mortgage is one of our most popular types of mortgages. With this type of mortgage you are protected from inflation. The 30 Year Fixed gives you a sense of security that regardless of what happens in 10, 15 or 20 years down the road, your interest rate and payment will never increase. You also have consistent monthly payments. You will always know exactly how much you are spending each month for the duration of one of our 30 Year Fixed Rate Loans, which allows you to budget for all of your monthly expenses.
This program is ideal for first time home buyers because you do not need a large down payment to secure a first time mortgage. How would you like to put down as little as 3.5%? That's just one of the many benefits of an FHA Loan. Here are some others: Easier credit qualifying, low closing costs, less stringent debt ratios and job requirements and gifts allowed towards the home down payment!